The story continues...
Fresh off news that Netflix would acquire Warner Bros. Discovery, Paramount has launched a hostile takeover bid to secure the tv and film giant itself.
“WBD’s Board of Directors recommendation of the Netflix transaction over Paramount’s offer is based on an illusory prospective valuation” of those cable companies,” Paramount said of the agreement, adding that it is taking its bid, “directly to WBD shareholders over concerns they were not presented the most compelling and superior transaction.”
A new Paramount-run website adds, “Paramount’s strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash.”
As part of its bid, Paramount would offer shareholders $30 USD per share, all in cash, as compared to Netflix’s proposal, which is a $27.75 USD mixture of cash and stock.
As we detailed last week, the deal — deals — include gaming properties Mortal Kombat‘s NetherRealm, Batman Arkham‘s Rocksteady, LEGO games’ TT Games, Hogwarts Legacy‘s Avalanche Software, and several WB Games studios (Batman Arkham Origins, Gotham Knights).
We’ll keep you informed as this situation escalates.
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